The organisation representing US business in Ireland has come out strongly against the decision to abolish the ceiling on employers' PRSI in the Budget, the Irish Times says.

The American Chamber of Commerce Ireland, which represents more than 400 US firms employing more than 60,000 people, expects to see compensatory measures in the coming Finance Bill.

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Financier Dermot Desmond's investment vehicle has taken a 10% stake in a campus company that has come up with a cheaper way of producing next generation chips for mobile devices, according to the Irish Independent.

It says Mr Desmond's International Investment & Underwriting Limited (IIU) has taken the significant minority stake in Dublin-based Magnetic Solutions.

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The Financial Times reports that the troubled Equitable Life assurance group is ready to sell its asset management business in a move that could be worth around £600m sterling.

The company has £33bn of assets under management is hoping to tempt bidders from the US and Europe, says the FT.

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The Times says Lloyds TSB could seek to unwind Abbey National's £1.8bn takeover of Scottish Provident if it wins the battle to take over the mortgage bank.